PUBLIC ACCOUNT COMMITTEE AND FINANCIAL ACCOUNTABILITY IN NIGERIA
Authors:
Olaoye Festus Oladipupo & Bamisaye Theresa Omolade
Abstract:
This study examined public account committees and financial accountability in Nigeria. Specifically, the study analyzed the effectiveness of the public account committee and its Effect on financial accountability in Nigeria public sector. This study made use of a cross-sectional survey research design. A purposive sampling technique was employed to sample (18) MDAs from the six geopolitical zones of the country. A total of 180 public accounting officers, auditors and other stakeholders were also purposively sampled across the selected MDA and data were collated with the use of a well-structured questionnaire. Data collated were analyzed with the use of percentage and frequency analysis. The result showed that public account committee in Nigeria can be said to be mildly effective, especially in the area of confirmation of audit reports tracking of irregularities in account reports as well as effective discharge of duties to foster judicious use of public funds in Nigeria; and that while the activities of Public Account Committee in Nigeria has an effect on the level of financial accountability in the public sector, such effect is yet to be significant. The study concluded that though the activities of the Public Account Committee in Nigeria had some effects on financial accountability, such effect is not highly satisfactory. Hence, this study recommends that there is a need for the public account committee to maintain a more transparent operation with no political influence so as to sustain an efficient and effective evaluating, collection and accounting of public funds as well as adequacy in safeguarding assets from loss, waste and misappropriation. Also, there is a need to ensure the continuously grooming of PACs members and support staff on effective oversight function through training, professional skills development programs and study opportunities.